The potential problem with Roth is if they decide to tax it in the future (can't trust politicians). Also roth there will be RMD for your descendants and RMD for you for Traditional. This make it harder if you want to keep all your wealth in ETFS and pass it on (multi generations) and not be required to cash it out.
My retirement account has gone down by 13.7% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.
Can I do a back door ROTH if I have an old Roth IRA and an old trad IRA? If I put say $6k in my old trad, can I then transfer that to my old Roth with out paying additional taxes?
At what salary does it not make sense to use a Roth? If I expect my tax rate to be lower in the future should I just max traditional before anything else?
I don't understand when you say "get the match and get out". Is there a time frame or amount we are limited to with the employer match? I have been building 401 since March 2021. When will I need to get out? I have been trying to get into a side hustle and got hustled by a fake guru here on UA-cam. The Worst of the Worst. I had a REAL Stupid moment. Still can't believe I let them do what they did. It is so not like me. $9000. And my bank would not reverse the charge. So I am going to pay what I had on the card before the stupid transaction and walk away. I am on a Claims Action Lawsuit with the Government and hopefully I will get it back. But until then, I am not giving them a dime. They know they can do it, they must be getting a kick back from the vendor. I think the contract is illegal if you ask me. I still cannot believe I did what I did.
Mark.. sadly I just watched a guy who just retired just a year ago and he just died. This is a great subject but more importantly do not wait too long. You can't take it with you.🪄✨️
retirement planning is so confusing! I just started a new job and they offer a 401k, but should I be putting money into an IRA instead?
401k for sure! My company matches my contributions up to 6%, that's free money you can't miss out on, Muriel.
That's a good point. But with the market being so crazy, I'm worried about putting all my eggs in one basket.
Taxes are brutal these days, and Roth contributions grow tax-free.
Talking to a financial advisor, they can help you decide.
Financial advisors? Feels like they all just try to sell you their expensive products. Can't a person just invest on their own these days?
would be great to hear some information about how/if retirement accounts are protected from a bank bail-in
The potential problem with Roth is if they decide to tax it in the future (can't trust politicians). Also roth there will be RMD for your descendants and RMD for you for Traditional. This make it harder if you want to keep all your wealth in ETFS and pass it on (multi generations) and not be required to cash it out.
They can cash it out and put it right back into an investment account tho…
How tf they don’t teach this in HS?!!! 😂
Thanks
This video was amazing 👏. Wish I caught it live I have to move some money from a 1035 and some cash and I can't decide where to move it. 😫
My retirement account has gone down by 13.7% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.
How can one get to interview advisors? And what questions should you ask?
Can I do a back door ROTH if I have an old Roth IRA and an old trad IRA? If I put say $6k in my old trad, can I then transfer that to my old Roth with out paying additional taxes?
At what salary does it not make sense to use a Roth? If I expect my tax rate to be lower in the future should I just max traditional before anything else?
Even at a lower tax rate you still have to pay tax on all the growth and earnings.
@@toyarj37 right. But a different rate than today.
Funding your 401(k) with a match is good. Just know many 401(k)s require five years to vest the match.
Mask On Nurse Marty(Ret)
Vest and leave
What about the taxes on back door, Roth?
No tax on withdrawal
I don't understand when you say "get the match and get out". Is there a time frame or amount we are limited to with the employer match? I have been building 401 since March 2021. When will I need to get out? I have been trying to get into a side hustle and got hustled by a fake guru here on UA-cam. The Worst of the Worst. I had a REAL Stupid moment. Still can't believe I let them do what they did. It is so not like me. $9000. And my bank would not reverse the charge. So I am going to pay what I had on the card before the stupid transaction and walk away. I am on a Claims Action Lawsuit with the Government and hopefully I will get it back. But until then, I am not giving them a dime. They know they can do it, they must be getting a kick back from the vendor. I think the contract is illegal if you ask me. I still cannot believe I did what I did.
Sooner than the future?? THAT sounds like a deal! ;D
Mark.. sadly I just watched a guy who just retired just a year ago and he just died. This is a great subject but more importantly do not wait too long. You can't take it with you.🪄✨️
Thanks